As most of you know, I gave a webinar this morning on the CARES Act and Paycheck Protection Program (PPP). We were at maximum capacity with 100 participants. You can hear the
recording hereand download the
slides here.
As I discussed on the webinar, we are in a fluid situation. New information on the various stimulus programs is being released throughout the day, every day. It is not unusual for things to change overnight. Just this morning it was reported in the
New York Times,
that Congress may introduce a new bill to provide an additional $250 billion in PPP funding. There has been an overwhelming demand for PPP loans.
As also reported by the
New York Times, “Speaker Nancy Pelosi suggested she would be open to what she called “an interim package” to provide more funding for the small-business program. But she signaled that Democrats might insist on adding conditions, like ensuring that money is set aside for underserved populations, including veterans, people of color, women and newer businesses."
The CARES Act provided $349 billion for the PPP two weeks ago. Top White House Economic Adviser, Larry Kudlow said yesterday morning that the program had funded 178,000 loans at a value of $50 billion since it opened applications last Friday.
I would like to remind you that self-employed and independent contractors can start applying for a PPP loan 9:00 AM on Friday, April 10. Here is the link to the information on the PPP from the
Small Business Administration’s (SBA).
We will share more details as they become available. Please visit our COVID-19 Resource Page for more updates.
Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@MCC-CPAs.com. I can be reached at Marty.McCarthy@MCC-CPAs.com. As always, we are happy to help.
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
